Fort Myers River District High-rise condos  continue to be one of the most active segments of our real estate market.  In 2011, 117 units sold in the six riverfront high-rise developments per data compiled from the Greater Fort Myers and the Beach MLS.

The highest priced unit sold was a 2,230 SF unit located on the 32nd floor of High Point Place which sold for $476,120 / $214 SF.  High Point Place is our pick for the top Fort Myers high-rise as it continues to lead the River District market in both quantity of transactions and selling price per square foot.  Buyers are attracted to the high-end finishes in High Point Place units and also welcome the urban amenities including a Publix that are available right outside the front door.

Here is a summary of Fort Myers River District condos sales activity for 2011:

At an average selling price of $120/SF, Fort Myers riverfront high-rise condos are still a great deal vs. similar condos that are available in other Florida markets.  Here is a resource to view Fort Myers River District real estate listings.  If you are interested in a Fort Myers riverfront high-rise condo, our team is available to provide low-pressure, information-rich assistance.

Major price reductions at Tarpon Landings have drawn buyers like steel to a magnet to this Cape Coral luxury waterfront high-rise project.  Buyers are attracted to the large floor plans which are a minimum of 2,888 SF and the wonderful waterfront views.

Currently, Tarpon Landings II (6061 Silver King Blvd) has an inventory of eight units still available out of the 70 total units.  Prices for available units start at $340,000 for a 2nd floor Bonaire (2,970 SF) model.  The penthouse, 12th and 11th floor units are gone at Tarpon landings II, but there still are two units left on the 10th floor.  At present over 30 units are still available at the Tarpon Landings III (6021 Silver King Blvd) high-rise tower.

Our team is available to assist in your search for a Tarpon Landings condo unit and we offer the following resource to view active Tarpon Landings real estate listings.  Additionally, here is a resource to view Tarpon Landings floor plans.

Wink News covers the explosion of new businesses opening in recent months in the Downtown Fort Myers River District. While this has been a real long time coming…….it sure feels good to see the area gaining momentum and becoming something more than the seat of the Lee County Government and a home to hundreds of empty condos.  Everyone agrees that the street closings for new pavers sidewalks and planters were an inconvenience epic proportions over several years, but the fruits of this effort are real……Downtown Fort Myers now has a beautiful streetscape that is welcoming workers, residents and guests.

One of the lifestyle trends gaining meaningful momentum across the country is a move to living in an urban environment where residents can enjoy life without 100% dependence on an automobile.  Many American cities are experiencing an inner-revitalization and it sure feels like Fort Myers deserves a seat at the urban revitalization table.

While riverfront high-rises like High Point Place and the Oasis get much of the downtown real estate ink, there are a multitude of interesting options for urban living in Fort Myers.  Historic Dean Park is home to about 70 eclectic single-family homes built in the early 20th century, many of which have been meticulously restored to their original grandeur.  The River District is also home to one of the area’s few loft-style projects, Earnhardt Condominiums.

If you are interested in learning more about Downtown Fort Myers real estate options, here is a resource to search for a new condo or home in the Fort Myers River District.

North Star has desireable large floor-plan waterfront condos with either 2 BR + Den or 3 BR configurations. Unit finishes include 9 ft ceilings, generous balconies, GE Profile Appliances, granite and over-sized tiling,

The North Star community is anchored by a marina with deep-water slips that can accommodate vessels up to 55 ft. Amenities include a club house, fitness center, pool and spa, pool-side cabanas, tennis, putting green volleyball, sandy beach and a marina boardwalk.

Year-to-date in 2011, 19 condos have sold at the North Star Yacht Club ranging in price from $215,000 – $478,900 with an .average selling price of $146 Sq. Ft. Here is a chart detailing 19 sales during 2011 YTD at the North Star Yacht Club:

Here is a resource to view the active North Star Yacht Club listings. Our team has sold several condos at the North Star Yacht Club and is available to assist if you are interested in making an investment in this or other Fort Myers high-rise developments.

The cosmopolitan design and finishes of the Oasis are truly attracting global buyer interest.   In 2011, Oasis buyers have come from six international countries including Austria, Bolivia, Canada, China, Singapore and Switzerland.

The Oasis development has a total of 440 units which range in size from 779 Sq. Ft. to 1,674 Sq. Ft.  Finishes are high-end and include Italian cabinetry, stainless appliances, granite, glass railing balconies and floor-ceiling windows.  Development amenities include riverfront swimming pools, fitness center, long, billiards room and sauna.

Year-to-date in 2011, 35 units at Oasis have been sold per the Lee County Property Appraiser records.  The prices ranges from $145,000 – $285,000 with an average selling price of $165 Sq. Ft.  Here is a chart detailing 35 sales during 2011 YTD at the Oasis:

Oasis YTD 2011 Sales

Here is a resource to view active Oasis real estate listings.  Our team has sold several condos at the Oasis and is available to assist if you are interested in making an investment in this or other Fort Myers high-rise developments.

This has been a busy year for High Point Place with 25 high-rise units selling in 2011.  With a total of 255 tower condos, just under 10% of High Points 255 tower units have changed owners.  The low sale of $252,000 was for a bank-owned unit on the 18th floor and the high sale of $476,120 was for a new developer-owned unit on the 32nd floor.

The average selling price per Sq. Ft. at High Point Place in 2011 in $156.  Here is a chart which details the 25 tower transactions at High Point Place:

2011 ytd High Point Place tower sales

Here is a resource to view active High Point Place real estate listings.  Our team has sold many condos at High Point Place and is available to assist if you are interested in looking at options in this development.

Pop Quiz:  What is the hottest real estate deal right now in Southwest Florida?

Answer: Tarpon Landings in Cape Coral!

Significantly reduced waterfront high-rise condos at Tarpon Landings are literally flying off the shelves this summer.  Buyers are impressed with the voluminous size of the Tarpon Landings units which have 3 bedrooms and 3.5 baths and start at 2,880 SF……these places are bigger than most of the single-family homes in the greater Fort Myers area!  Another deal clinching feature for many buyers is the totally enclosed, private 2-car garage that comes with each unit.  Plenty of room for the weekend vintage Corvette, his and her Harley’s or all the stuff that you can’t bear to part with.

In addition to the visitor accommodating floor plans, Tarpon Landings has a great set of resort-style amenities.  Extended families can stay at the adjacent Resort at Marina Village, which offers luxury hotel accommodations. The pool and clubhouse are right up there with any four-star hotel and will keep your visitors entertained for hours.  The 175-slip marina offers deepwater access to the Gulf of Mexico.

Our team is available to assist buyers in evaluating Tarpon Landings buyers in evaluating the various Southwest Florida high-rise alternatives.  Here is a resource to begin your search for a new Tarpon Landings condo.

Following a foreclosure proceeding, condos at the luxurious Tarpon Landings high-rise development in Cape Coral are back on the market at significantly reduced price points.  Tarpon Point, where the Tarpon Landings high-rises are located, offers a resort-style atmosphere with a marina, three restaurants, pool, tennis, day spa and resort.

Differing from much of the waterfront high-rise product in Southwest Florida, Tarpon Landings units are truly over-sized and allow for spacious condo living.  Units feature 3 BR / 3.5 BA and range in size from 2,888 SF – 3,048 SF.  As an added bonus, every unit features its own private enclosed two or three car garage.

Prices have been dramatically reduced at Tarpon Landings and now start at under $300,000 for new units.  Here is a resource to view active Tarpon Landings real estate listings.  Please inquire if you would like assistance in getting the best possible deal on a Tarpon Landings high-rise condo.

Additional information about Tarpon Landings is available from  this NBC-2 video:

The two developer model units at Jasmine Bay within Estero’s West Bay Club are now available for sale.  Both of these units are decked out to the nines with designer appointments and are sure to evoke a WOW when you walk through the door!  The views of the Bay, Gulf of Mexico and West Bay golf course are stunning from both of these 18th floor units.

Unit 1805 is located in the South Tower at Jasmine Bay and features 3 BR / 3 BA with 1,766 SF. It showcases a Nuhouse Design Associates interior that creates a classic yet modern feel.  The designer paired dark furniture with light fabrics to provide a striking, dramatic contrast that embraces West Bay’s casual and comfortable lifestyle.  This unit is offered at $775,900.

Unit 1806 is also located in the South Tower at Jasmine Bay and features 3 BR / 3.5 BA with 2,342 SF.  It was decorated by Chad Renfro Designs and features a British West Indies inspired design.  Light furniture and bold blue stripes are utilized to bring comfort and elegance to this palace in the sky.  This unit is offered at $895,000.

Our team is available to provide low-pressure information-rich assistance if you are interested in viewing these designer models.  Here is a resource to view all available property at the West Bay Club.

The North Star Yacht Club passed the 50% occupancy rate with 42 closed transactions in 2010.    North Star features twin 12-story luxury high-rise towers located on the Caloosahatchee River in North Fort Myers, Florida.

North Star units overlook the Intracoastal Waterway offer and offer a panoramic view of Downtown Fort Myers.  North Star offers the largest, most livable waterfront high-rise floor plan in Fort Myers.

Amenities at North Star include a clubhouse, pool, cabanas, fitness center, movie theater, tennis and marina.  North Star is located off Hancock Bridge Parkway in North Fort Myers.

Here is a resource to view active North Star Yacht Club real estate listings.

Spectacular views of Estero Bay coupled with high-end finishes position Jasmine Bay at West Bay Club high-rises at the top of the charts in Southwest Florida.  These towers stack up favorably with other luxury high-rise developments in Southwest Florida including Mastique, High Point Place and Palmas Del Sol.

Jasmine Bay luxury appointments include private balconies, high ceilings, architectural ceilings, Italian raised-panel cabinetry, marble bath countertops, soaking tubs and over-sized showers.  Jasmine Bay residents enjoy private elevator lobbies to each residence.

Both new construction and resale options are currently available at Jasmine Bay starting in the $300,000s.  Here is a resource to view active Jasmine Bay listings.

History
The history of the Oasis is one of bad timing, a stubborn developer, a suspect location and a product not in tune with the Fort Myers market.  While the concept of bringing South Beach to Fort Myers is intriguing, we are town more closely aligned with conservative values brought here by throngs of retiring mid-westeners.  Downtown Fort Myers feels more like a mid-western city such as Toledo, Des Moines or Grand Rapids rather than a high-glitz place like South Beach.

Oasis came on-line late in the game, as the market was busting in Fort Myers.  While prices were tumbling around them, Jorge Perez and the team at Related stubbornly refused to drop prices to battle it out with the other high-rise projects for the remaining buyers still in the market. The unfortunate result of this strategy was almost no sales in the Oasis twin towers.

Location
While the views across the Caloosahatchee River from Oasis units are stunning, the location of the Oasis project has proven problematic for prospective buyers.  Oasis sits furthest to the east on SR 80 of any of the six major Fort Myers high-rise projects.  This location weighs in with a WalkScore of 32/100, classified as “Car-Dependent.”  Competing high-rise development, High Point Place, which is located furthest to the west of Oasis weighs in with a WalkScore of 95/100 and is classified  as a “Walker’s Paradise.”  Outside the front door of High Point Place, residents can find a Publix grocery store, Starbucks and the First Watch Restaurant.  While there are new sidewalks along First Street near the Oasis, this location does not lend itself to an urban car-free existence.  This significant difference in walkability has proven to be a major draw for High Point Place vs. the Oasis location with our clients.

Valuing the Competition
Over the past 12 months 88 condos have sold in the five downtown high-rise projects that compete with the Oasis.  The four projects east of Downtown along First Street have all sold on a $/SF basis in a very tight range between $96 SF – $104 SF.  High Point Place with its superior location and upscale finishes has commanded selling valuations of $153 SF.

Fort Myers High-rise Valuations

Valuing the Oasis
As there have been no sales at the Oasis in the past year, there are no comps to draw from in pegging a value for these units.  While the finishes at the Oasis are the best of the competition, the location is the least desirable with the lowest WalkScore rating.  Much of the pre-auction hype from the Oasis marketing organization has suggested values closer to High Point Place than First Street adjacent projects like St. Tropez and Riviera.  I believe that the best comp development for the Oasis is St. Tropez which sold on average over the past 12 months for $104 SF.  While Oasis is definitely more upscale with better finishes, St. Tropez has a slightly more desirable westward location and significantly less risk associated with the ongoing viability of the condo association.  For my valuation analysis, I am discounting the target price for Oasis units by 10% to cover the buyers premium that will be assessed to your bid price at the auction.

Reccomended Ceiling Bids for Oasis 11/20/10 Auction

Auction Representation

If you are planning on bidding at the November 20th 2010 Oasis auction, the above buyers premium adjusted comps would be the ceiling that I would advise a client to bid.  If you would like low-pressure information-rich Realtor representation at the auction or to look at other high-rise options, we would welcome the opportunity to work with you to find good value in this market.  Please drop us a note if we can be of service.

The Fort Myers City Council approved $4.3M to extend the Caloosahatchee River two blocks south to Bay Street in Fort Myers. This river expansion will create a new waterfront basin on space currently used as a parking lot. When completed in late 2011, this expansion is estimated to have an annual economic impact of $76M.

With all the new residents being drawn to the River District high-rises, this waterfront expansion looks to be a great investment for Fort Myers and is a great first step in bringing more vitality and excitement to the area. The riverfront expansion should serve as an anchor to connect the high rise developments to the east and west of this site.  Opportunities are still available to purchase River District high-rise condos at significantly reduced prices. Here is a resource to view Fort Myers River District real estate.

Cameratta Properties, the developer of High Point Place in downtown Fort Myers has sold the remaining 76 units in the project to Denver-based Real Capital Solutions.  Cameratta’s planned First Street Village and 511-acre Preserve at Corkscrew were also acquired by Real Capital Solutions.

This transaction, which provides an infusion of professional capital, bodes well for the highly-regarded High Point Place high-rise development.  Real Capital is acquiring the 76 units for $13.1M or about $172,000 per condo.  Over the past year, 17  units that have sold at High Point Place at a median price of $325,000.  From a valuation standpoint, it looks like Real Capitol was able to get a 47% discount on this bulk purchase.

It will be interesting to see how aggressively Real Capital looks to sell out this inventory.  In reviewing their previous track record, they look to be patient investors willing to time the market for the maximum return.  A patient strategy would be good news for the entire Fort Myers high-rise market as High Point Place is clearly the best product and should continue to command a significant premium to other high-rise towers.

At present, there are 15 units listed for sale at High Point Place ranging from $149,900 to $880,000.  Here is a resource to view active High Point Place listings.  Our team has represented buyers on several transactions and remains bullish on High Point Place.

In TV terms the wonderful suburban neighborhoods of Leave It To Beaver, The Brady Bunch and Bewitched are fading and the urban lifestyles of the Odd Couple, Mary Tyler Moore and Frazier are coming of age.

What does this mean for the Southwest Florida and the greater Fort Myers area?  While no one is ever going to confuse Southwest Florida with the Upper West Side, we do have some really dynamic urban areas like 5th Avenue in Naples.  In recent years, a handful of urban-oriented projects have been developed or renovated that address this shifting lifestyle demographic.

Developments in the Fort Myers area offering an urban lifestyle experience include:

High Point Place – Riverfront high-rise in downtown Fort Myers walk to restaurants, Publix, Starbucks, offices, parks, theatres and museums.

Residences at Coconut Point – Condos located on the upper-levels of the Coconut Point Mall which has emerged as the destination in South Lee County.

Rapallo – Gated condos and villas adjacent and very walkable to the dynamic Coconut Point Mall

Cape Harbour – Waterfront boating community with vibrant boardwalk featuring restaurants, retail and community events.

Patio De Leon – Downtown Fort Myers renovated historic condos located above commercial space.

Earnhardt Condominiums – Downtown Fort Myers renovated historic condos located above commercial space

When the market turns and development starts up again, it would sure be wonderful to see more project like these completed rather than starter homes on random 1/4 acre plated lots in the hinterlands.

One of the questions that comes to mind when discussing proximity to Sanibel is exactly what constitutes a location as being close to Sanibel?  I was recently looking at a listing located off Colonial Boulevard near I-75 and it was described as being “close to Sanibel.”  Per Google Maps, the fastest route between I-75/Colonial and the Sanibel Causeway is via McGregor Boulevard with a distance of 16.5 miles and a driving time of 30 minutes.  Unless this listing agent owns a helicopter or has access to George Jetson’s aerocar, this close to Sanibel label seems like a bit of a stretch to me. Whatever the case, I wouldn’t want to ride my beach cruiser in a pair of flip flops from Colonial Boulevard to Sanibel!

There are a number of South Fort Myers developments that are close to Sanibel and are available in a wide-range of housing options from luxury high-rises to single family homes in a gated communities.  For the purposes of defining “close to Sanibel,” I am going to include developments from where the average baby-boomer could easily ride a beach cruiser in a pair of flip flops to the Sanibel Causeway Beach.

Here are Fort Myers communities that are truly close to Sanibel:

Boating: Catalpa Cove; Connie Mack Island; Jonathan Harbour; Palm Acres; St Charles Harbour
Condo/Town Homes: Lucaya; Sanibel View
Golfing: Kelly Greens
High-rise Condo: Mastique; Punta Rassa Condos; Sanibel Harbour Towers
Single-family: Caloosa Creek; Colonial Shores; Shenandoah

To ease your home hunting process, here is a resource which consolidates all the active close to Sanibel listings.

The community is connected by a 1/2 mile lighted boardwalk home to 251 slips.  Many friendships have formed, boat purchase decisions have been made, knowledge has been passed along and even a romance or two have sparked during a stroll along the boardwalk.

When you are not enjoying the waters of the Gulf, the gated Boardwalk Caper community has much to offer including four swimming pools, a fitness center, clubhouse, tennis, shuffeboard and basketball courts. Boardwalk Caper’s location just before the Fort Myers Beach Bridge also offers convenient access to the beach.

Housing options at Boardwalk Caper include condos, high-rise condos and town homes.  Currently, there are 18 homes for sale at Boardwalk Caper ranging in price from $175,000 to $599,000.  Here is a resource to view active Boardwalk Caper real estate listings.

Simon Cowell has ended his longtime illustrious bachelorhood with an engagement to make up artist Mezhgan Hussainy.  The Captiva Gold Coast is by far the best choice for these two lovebirds as it offers the exclusivity and privacy required by a star of Cowell’s magnitude.  The home I picked out for Simon is a modern 12,000 SF  gulf front estate on Captiva Drive listed for $18M.

Despite an attire and vocabulary that never ceases to amaze, Randy Jackson is truly a man of the people.  I can’t imagine Randy living in a suburban home with a manicured front lawn.    While I initially thought of downtown luxury high-rise development High Point Place as a fit for Randy, there is nothing currently on the market designed for someone of his stature.  A good fit for Randy might be a penthouse unit at the Paramount at Gulf Harbour.  A 4,370 SF unit done up in South Beach pastels listed for $2.25M is my pick for Randy.

Wow, is Lee County really big enough to handle all these Idol stars?  For Ellen DeGeneres and her wife Portia De Rossi, a waterfront estate on Barefoot beach would seem to be a good fit.  With a number of pets, Ellen and Portia definitely need a single-family home.  How about an 8,030 SF contemporary European inspired Barefoot Beach home with a huge gourmet kitchen for preparing those vegan delicacies, a fitness center and salt water aquarium.  The asking price of $12.575M is a drop in the bucket for this couple.

Oozing with class and style, Kara DioGuardi and recent husband Mike McCuddy need a home to support the growing social demands of Kara’s blossoming career.  With her Italian heritage, an estate home on the shores of Lake Como at Miromar Lakes might suite Kara just fine.  My pick for Kara is a 5,032 SF waterfront home listed for $3.995M in the Isola Bella neighborhood of Miromar Lakes.

Wow, I have left the toughest for last…..just where does ubiquitous metrosexual Idol host Ryan Seacrest belong?  My first thought was Gator Greenwell’s almost finished estate in Alva, but there might be a little too much dust on the roads of Alva for Seacrest’s Bentley.  Suddenly it dawned on me that Ryan belongs on Andy Rosse Lane in Captiva.  I can visualize him holding court at the Key Lime Bistro and the Mucky Duck during the same evening.  How cool would it be to witness a chance meeting between Ryan and Simon at one of the Andy Rosse Lane establishments?  Currently, Ryan can pick from five Andy Rosse Lane homes currently for sale.

Over the last 12 months, 63 condos worth a total of $11.4M worth have sold in the six new Fort Myers riverfront condo developments.  On a dollars per square foot basis, recent sales have been at about 50% of the price that these condos originally sold for as new construction.

Here is a breakdown by building of these transactions:

Fort Myers High-rise 12 month snapshot

The Oasis has been a complete bust with no sales in the last year and High Point Place continues its leadership position as the premier Fort Myers luxury high-rise building.  Buyers are attracted to the high-end finishes in High Point Place units and also welcome the urban amenities including Starbucks and Publix that are available right outside the front door.

View active Fort Myers high-rise listings

Oasis Condominium in Fort Myers

Bank of America has foreclosed on the Related Group’s Oasis Condominium development in the Fort Myers River District.  The $157M filing ranks as the second largest ever in Lee County.  Jorge Perez and the team at Related Group had ambitious plans to bring a slice of South Beach to Fort Myers, but missed badly on the Oasis project.

What went wrong at Oasis? A number of factors have contributed to the failure at Oasis.  The biggest single contributor to the failure at Oasis is one of timing. This project was the last Fort Myers Riverfront high-rise development to be delivered with completion after the market had busted.  Also, Related was very slow to react to the changing market conditions and didn’t adjust pricing as quickly as competing developers.  Another strategy mistake by Related was trying to go it alone on the marketing and not listing Oasis units in the Fort Myers MLS system.  In summary, poor timing coupled with a failure to react to the changing market and not initially marketing via the local MLS were key drivers in the projects failure.

What is the current opportunity for a distressed asset buyer? At present a total of 425 units in the 440 unit project remain unsold and are currently being offered in a bulk sale by Bank of America.  The offering is being managed by Colliers Realty and does not have an official asking price.

What is the value of this asset? The 425 units at Oasis are a total of 576,640 SF distributed across two high-rise towers.  The 2009 Lee County assessed value of the project is $182,402,960, which looks to be a completely unrealistic valuation.  One defendable methodology to arrive at a fair value for this asset is to look at sales over the last year at the other River District high-rise projects.  For this evaluation, competing projects include: Alta Mar; Beau Rivage; High Point Place; Riviera and St Tropez.  Collectively, these five projects had 62 sales in the last year.  The average sale was for $177,543 with an average unit size of 1,523 SF for an average price of $116.57 SF.  This methodology would peg the retail value of the 425 Oasis units at (576,640 SF x $116.57 SF) $67,218,924.  As this is a distressed bulk deal, a buyer would probably look to acquire the asset in the $30M – $40M range.

Our analytically-orientated team is available to lend due diligence assistance to any potential buyers of this asset.

High Point Place in the Fort Myers River District

Well not always, our team recently closed a short sale in 37 days!  This transaction was for a High Point Place condo located at 2090 W. 1st Street #1609 in the Downtown Fort Myers River District.

This 1,803 SF unit was listed for 299,000 /$165 SF and our client offered $270,000 / $149 SF.  The offer was accepted by the owner on 02/09/10.  Bank approval came within a month and the transaction closed on 03/18/10, a mere 37 days after offer acceptance.

Hopefully this kind of interval becomes the norm rather than the exception as our MLS database is still pretty weighted down with Fort Myers short sale listings.

The battle royale between New Jersey firefighter Victor Vangelakos and Fort Myers high-rise developer the Related Group is an ongoing fight.  As we blogged back in July 2009, Vangelakos is suing to get out of his contract and Related has offered to switch him to the projects sister tower.

This story has attracted national attention and gets more interesting now that Cathleen Vangelakos is serving three years in prison for stealing parking ticket payments from the City of Weehawken, NJ.

Based recent resales at some of the other Fort Myers high-rise buildings, this unit has probably lost at least 50% of the value from the $430,000 purchase price.  Our pick for the best Fort Myers high-rise continues to be High Point Place, located in the Fort Myers river District on West First Street.  Resales are currently available at High Point Place starting in the mid $200,000s.

Dramatic developer discounts have jump started sales at the North Star Yacht Club in North Fort Myers.  This community fronting the deep-water Caloosahatchee River boasts twin 12-story high-rise towers.  Outstanding views of the river and Fort Myers are available from the south facing terraces of North Star condos.

Finishes in these units are include granite, Kohler fixtures, GE Profile appliances, 18 x 18 inch ceramic tile floors and floor-to-ceiling windows.  Six Floor plans are currently available ranging in size from 1,757 SF to 2,457 SF.

The long list of amenities at North Star Yacht Club is headlined by a two-story 15,000 SF clubhouse with a health club, business center w/ WIFI, conference rooms, billiards room, bar and catering kitchen.  The pool area at North Star includes includes a spa and 16 private poolside cabanas.  Tennis, a fitness trail, sandy beach, a putting green and a marina boardwalk enhance outdoor living at North Star.  The marina offers deep-water access and can accommodate boats up to 55 feet and offers dockside hookups for water, electric and telephone.

Pricing at North Star starts at $229,000 and nine units are currently available.  View North Star Yacht Club active listings.

The Sarasota Herald-Tribune has an interesting article about Norman Radow, who has been hired to liquidate the real estate portfolio of bankrupt Leman Brothers.  West Bay Club in Estero is one of the assets that Radow is currently focused on.  A big challenge at West Bay Club is that only 617 of the originally planned 1,054 properties have sold.

In the year that Radow has been overseeing the West Bay Club, his modifications have cut the annual operating deficit has been cut from $2.5M to $31,000.  These changes have included the closing of unprofitable restaurants and opening the club to guests of the nearby Ritz-Carlton Hotel.

Currently, resale coach homes at West Bay Club are available starting in the mid $300s.

“A lot of eyeballs are focused on Miami,” said Adam Cappel, president of CondoReports.com.

Cappel says Miami’s rising status as an international hot spot has made bargain-seeking investors more interested in the area than in past downturns, and more interested in it than other Florida locales.

“There’s capital from every corner of the world circling. It’s not just Venezuelan money trying to flee,” he said.

Here in Southwest Florida, there is no word on the street about whether or not Related Group is trying to unload in bulk the virtually empty Oasis I tower.  This project received national acclaim when it was reported that just a single tenant had taken occupancy in the 32-story high-rise building.

There are some interesting investment opportunities in the Fort Myers high-rise foreclosure market.  Currently, there is a 3/3 foreclosure at Beau Rivage on the market for $177,800 ($119/SF) and a 2/2 foreclosure at St. Tropez on the market for $179,900 ($105/SF).

The lonely resident is a New Jersey firefighter who spends part of the year in Fort Myers.  Most owners in his Oasis I building have swapped their unit for a like one in the adjacent Oasis II building. Unfortunately, his lender did not go for the swap idea and he is stuck owning in an otherwise empty building.

Every mention of the Oasis  pulls this Maria Muldaur song from deep in the recesses of my mind:

http://www.youtube.com/watch?v=VUd3sX9mn9U

Unfortunately for the lonely NJ firefighter, it must seem like Midnight at the Oasis all the time!

Here is a resource to view current inventory at all the Fort Myers High-rise buildings.

The selling price was $1.925M / $454 SF. Congratulations to selling Realtor Jim McCormick of Premier Properties for closing the most expensive residential property in April 2009.

Honorable mention for 2nd most expensive Lee County home sold in April was a single-family home located at 4945 Normandy Court in Cape Coral. This riverfront direct-access home is 4,478 SF offers 4BR and 5BA.

The selling price was $1.875M / $418 SF. Congratulations to Henry Albrecht of Gulf Gateway Realty for closing this transaction.

• Leasing activity is increasing – drawing in younger tenants
• High Point Place sales are brisk – at slightly moderated prices
• First Street Village – will move forward in future
• Riviera – 75 units to be auctioned on 05/14/09

We have seen significant price reductions throughout the high-rise community in River District and a significant uptick in interest from potential buyers. Traffic on our Fort Myers high-rise web page has been particularly strong in recent weeks. The units at Alta Mar, Beau Rivage and the Riviera priced under $150K have been drawing significant interest.

Unlike some of our older livable cities like New York, Chicago, Washington DC and Boston, much of Florida was developed around the automobile. For many years, we have specialized in suburban-orientated, amenity-rich, gated communities, not urban focused settings.

The News-Press ran an uplifting story today about the growing urban scene in Downtown Fort Myers. I truly enjoyed reading about some of our residents who are enjoying an urban lifestyle. Many housing options are available in the downtown River District including high-rise condos and single-family homes in Historic Dean Park.

Downtown Fort Myers offers convenience with a historic vibe [News-Press]